Protect the People Who Depend on You—Without Overcomplicating It.
Term life insurance can provide substantial death-benefit protection for the years your family, income, mortgage or business obligations need it most.
The first questions are simple: How much protection do you need—and for how long?
Simple Protection for a Defined Period of Time.
Term life insurance is designed primarily to provide a death benefit during a specified coverage period.
It can be particularly useful when the financial need itself has a beginning and an end: replacing income during your working years, protecting a mortgage, supporting children while they are dependent, funding education goals or covering certain business obligations.
Because term insurance generally focuses on death-benefit protection rather than cash-value accumulation, it can often provide a larger amount of coverage for the initial premium than permanent insurance, depending on age, health, policy design and underwriting.
What Are You Protecting?
Income
Help provide financial resources for people who depend on your earnings if you die during your working years.
Mortgage & Debt
Provide beneficiaries with funds that may help address a mortgage, loans or other financial obligations.
Children & Education
Help provide resources intended to support children and future education goals.
Business Obligations
Term coverage may be considered for certain key-person, debt-protection or properly structured business-planning needs.
Final Expenses
Death-benefit proceeds can provide beneficiaries with resources for final expenses and other immediate needs.
Financial Flexibility
A death benefit can provide surviving family members with additional resources while they adjust financially.
How Much Life Insurance Might You Need?
Answer six quick questions. Your estimated protection need appears immediately—no contact information required.
Now that you have a starting number, the next question is what type and length of term coverage may fit it.
Let TUSK help you compare the options.
Your estimate is an educational starting point, not a recommendation to purchase a particular amount or type of insurance. A review can take into account your existing coverage, resources, objectives and available insurance options.
How Long Should the Term Be?
The coverage period should generally relate to the length of the financial obligation you are trying to protect.
10–15 Years
May fit shorter-duration obligations, later working years or needs expected to decline relatively soon.
20 Years
May fit families seeking protection through a substantial portion of their working years or while children remain dependent.
25–30 Years
May fit younger families, longer mortgages or income replacement needs expected to continue for several decades.
Don't automatically choose the longest term.
Match the coverage period to the financial risk. The objective is to protect the years when the loss of your income would create the greatest financial problem.
Understand What Is Actually Guaranteed.
Many term policies offer a level death benefit and a level premium for a stated guaranteed period, subject to the policy's terms.
Some contracts permit continued coverage after the initial level-premium period at substantially higher renewal premiums, subject to policy provisions and maximum ages.
Before buying a policy, understand the guaranteed premium period, death-benefit structure and what happens when the initial term ends.
One Feature People Often Overlook: Conversion.
Some term policies include a conversion privilege that may allow eligible coverage to be converted to certain permanent life insurance without new medical underwriting, subject to the policy's conversion rules and deadlines.
That can become important if your health changes during the term and your insurance need lasts longer than originally expected.
The cheapest term policy is not necessarily the most flexible.
When comparing policies, consider the carrier, guaranteed term, conversion provisions, available products for conversion, applicable deadlines and other contractual features—not simply the initial premium.
“I Have Life Insurance Through Work.” Is That Enough?
How Much Coverage Do You Actually Have?
Group benefits may be based on a fixed amount or a multiple of salary. Compare that amount with the financial need your family would actually face.
What Happens If You Leave?
Eligibility, portability and conversion rights vary by plan. Understand what happens to the coverage if employment ends or your benefits change.
Some Term Policies Offer More Than a Death Benefit.
Depending on the insurer and policy, accelerated death-benefit or other riders may allow access to a portion of the death benefit following certain qualifying events.
Availability, definitions, eligibility requirements, costs and the effect on the remaining death benefit vary by carrier and contract.
Compare the actual contractual provisions—not simply a label such as “living benefits.”
The Company You Apply With Can Matter.
Term life insurance pricing can be affected by age, health, medical history, medications, tobacco use, family history, occupation, activities and the amount of coverage requested.
Insurers do not necessarily evaluate every applicant identically. An underwriting profile that is favorable with one company may be viewed differently by another.
Comparing insurance isn't only about comparing premiums.
Carrier selection, underwriting guidelines, policy features, financial strength, conversion options and the amount and length of protection all matter.
When Can Term Life Make Sense?
A Large Temporary Need
You need substantial death-benefit protection now, but the financial need is expected to decline or disappear over time.
Income Replacement
Others depend on your income and would face a significant financial shortfall if you died during your working years.
Mortgage or Debt Protection
You want coverage during the years a significant mortgage or other obligation remains outstanding.
Protection While Children Are Dependent
You want additional resources available during the years children rely most heavily on your income.
Term vs. Permanent Life Insurance
Term insurance is designed primarily for protection during a specified period. Permanent insurance is designed for coverage that can potentially remain in force for life when required premiums and policy conditions are satisfied.
Permanent policies may also include cash-value features that term insurance generally does not provide.
Some people may have only a temporary need. Others may have both temporary and permanent insurance objectives.
The right question isn't “Which product is better?” It's “What financial problem does this coverage need to solve?”
Questions to Ask Before Buying Term Life Insurance
Know How Much You Need. Then Compare the Right Coverage.
Life insurance isn't something you should have to guess your way through.
TUSK can help you review the amount of protection you need, how long you need it, your existing coverage and available insurance options.
Start with your number. Then let's determine what coverage may actually fit.
This material and calculator are provided for general educational purposes only and are not intended as individualized insurance, investment, tax or legal advice. Calculator results are hypothetical estimates based solely on information entered by the user and should not be considered a recommendation regarding the amount or type of insurance to purchase. Life insurance products, premiums, guarantees, riders, underwriting requirements, conversion provisions and availability vary by policy, carrier and individual circumstances. Policy guarantees are subject to the terms of the applicable insurance contract and the claims-paying ability of the issuing insurance company. Accelerated death benefits and other riders may reduce the death benefit and may be subject to eligibility requirements, limitations and other policy provisions. Clients should review actual policy documents and consult qualified tax or legal professionals regarding their individual circumstances when appropriate.